Opportunity to invest in a Manurewa property in high growth area

An exciting opportunity to buy a high profile commercial investment property located in a high growth area in Manurewa has arisen.

The property is situated at 18 Mahia Road, on a high profile site on the busy corner of Mahia and Holmes road, with easy access to both northern and southern motorways.
The sales consultant marketing the property is Shayne Snijder from Bayleys Counties, who says the property was a purpose built factory warehouse originally built for an engineering company.

The property now has a well established long term tenant, Kev & Ian’s Marine, who have leased this site for 17 years and have a six year lease that commenced in the beginning of July this year.

“As the property has such a solid and fixed tenant, the purchase would most suit an investor, who wants a stable return with the view to possibly redevelop the site,” says Snijder.

Snijder says the property currently earns a net rental of $133,725 per year plus GST, with a rent review every two years.

Snijder says the property is located in a highly industrial area, with neighbouring businesses such as a plastic’s factory, the Mad Butcher sausage factory, and several mechanics and automotive repair businesses.

The iconic property comprises of three separate buildings that currently accommodates boat repairs, a showroom and new boat sales room – which totals 1,606.2 m², with the measurements split as follows: ground floor office 97.0 m²; the low stud workshop 247.9 m²; the warehouse 972.6 m²; and the first floor office 288.7 m².

The site is split into three separate titles, which totals more or less 2,448 m² of area.

Snijder says the property is zoned ‘business 5’ under the Manukau District Plan, which is a mixed zone. The zone allows a wide range of activities, including light and medium industry, offices, and a limited range of retailing activity.
“With business zone 5, it is recognised that with increasing use of better technology and management practices, the effects of industrial and manufacturing activities are compatible with or similar to a range of retailing and other activities.
The rules of the zone do require resource consent to be obtained for activities which may cause adverse effects on air quality, but apart from that, it allows extensive opportunities for developing a variety of different businesses in this area,” says Snijder.

Snijder says Manurewa is a high growth area, with a rapidly growing population and business community.
The property will be sold by auction on the 4th August 2009.